Credit Suisse collapse gives UBS a major boost

From the BBC World Service: Think back to the spring — the collapse of Silicon Valley Bank sent shockwaves through the sector, eventually rippling out to Europe and contributing to the end of Credit Suisse. Its rival UBS swooped in, acquiring it through a $3 billion government-backed bailout. UBS has now reported the biggest ever quarterly profit for a bank — a $29 billion gain linked to the takeover. But it’s still pressing ahead with some major cutbacks. Plus, we take a look at the latest gloomy data on the state of China’s economy. And, how are tourist businesses on the Greek island of Rhodes faring after last month’s wildfires?